 Dollar has launched a broad-based rebound in today's market. However, momentum appears to be faltering against its European counterparts in early U.S. trading session. Although it continues to perform strongly against Yen and Australian dollar, the greenback has been struggling to break last week's high against other key currencies. Consequently, this rebound seems to be more of a corrective move than a robust up trend. Nevertheless, today's surge could potentially signal a period of consolidation that might extend through the remainder of the month. Meanwhile, Euro has suffered broad losses today, driven by disappointing PMI data. While a July rate hike by ECB seems almost certain, the outlook beyond that point is clouded in uncertainty. Australian and New Zealand Dollars, have taken a severe hit following sell-off in Hong Kong stocks and continuous decline in Chinese Yuan. Despite being among the week's worst performers, Yen is experiencing a slight recovery against other currencies, with the notable exception of Dollar. In Europe, at the time of writing, FTSE is down -0.57%. DAX is down -1.20%. CAC is down -0.60%. Germany 10-year yield is down -0.165 at 2.335. Earlier in Asia, Nikkei fell -1.45%. 10-year JGB yield dropped -0.0072 to 0.372. Hong Kong HSI fell -1.71%. Singapore Strait Times fell -0.96%. |
